OK I Retired But Don't Feel Like I Can Spend Any Money

[jghorton]

Originally Posted by Slytrix

I retired 1 1/2 years ago @ 59. We set ourselves up with very low bills, rental income and savings.

Have been enjoying my time off and don't hardly ever know what day of the week it is anymore.

The problem is, we are having a hard time spending any money on "things we don't really need". We are not used to this way of living and even though I am almost 100% sure we have plenty of assets, feel like I need to make more money.

Anybody else ever go through this?

Actually, we were more conservative in our pre-retirement spending, based on never being certain of how much we would have for retirement or how long our retirement would last. By the time we retired (61 & 64), we had paid off all our bills and mortgages, plus added sufficient insurance and pensions - to give us sufficient income with no bills. In retirement, we no longer worry about spending too much or not being able to afford things. We have a sizeable, fixed lifetime income (plus emergency savings) to spend freely with no worry about the 'well running dry.'

[LearnMe]

Retirement planning is simply a function of determining what level of "income" one wants or requires during their retirement years and then determining whether their retirement savings/income is enough to cover that amount or not...

Fortunately, my wife and I have sources of income and/or retirement savings that cover the amount we figure allows us to live a quality life where we chose to retire about 4 years ago (although I was still working then). After many years of hard work, investing, and a fair amount of luck, we now live where we want in the way we want (not including any inheritance that may come our way in the future).

What I am always curious to know is how people manage when they are in their 60's or older who are not as fortunate, who need money even for basics, money they DON'T have. Maybe concern rather than curious is the better word, but my wife and I are thankful we're not living with those concerns. However, what is concerning is just how many Americans get of that age with hardly anything to live on...